What is adverse credit?
If you’ve missed payments, or made late or partial repayments on a loan, mortgage, credit card or other borrowing in the past 6 years, these will appear on your credit history. Even missed or late mobile phone bill payments can affect your credit history negatively.
If you have adverse credit, it’s true that some lenders may see you as more of a risk to lend to. As a result, you may find it more difficult, or more expensive to borrow.
Find adverse credit loans with Ocean
We offer homeowner loans and personal loans, specifically designed to help people with adverse credit. Even if you have a CCJ or arrears, you may still be eligible for a loan with Ocean.
What’s a homeowner loan?
With an Ocean homeowner loan, sometimes called a secured loan, you could borrow £10,000 to £250,000 for almost any purpose, over 3 to 30 years. A homeowner loan is secured against your property, so you have to own your home to be eligible. If you’ve an adverse credit history, you may be more likely to be accepted for this type of loan, compared to a personal loan. That’s because you home acts as extra security for the lenders.
Remember, homeowner loans are secured against your property, so if you’re unable to keep up with your repayments, your home could be at risk.
We arrange secured loans from a panel of lenders. We will receive a commission from the lender upon completion. A fee of 12.5% of the net loan amount, capped at £2975, is payable upon completion. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
What’s a personal loan?
A personal loan is also known as an unsecured loan, and is not secured against your home. This means you don’t have to be a homeowner to be eligible. You could borrow £2,000 to £5,000 for almost any purpose, over 2 to 4 years.
Unsecured loans : 44.9% APR Representative. Ocean is part of Intelligent Lending Limited. We are a broker for the Ocean personal loan. R Raphael & Sons Plc are the lender. We will not charge you for arranging your personal loan but, if your application completes, the lender will pay us for our services.
Rebuilding your credit history
You should only take out a loan if you’re confident you can meet the repayments. But, if you’re in a good financial situation now, an Ocean adverse credit loan could help you rebuild your credit rating. If you meet your repayments on time each month, you’ll be showing lenders that you can manage your money responsibly. This should be reflected in your credit rating.
Read our guide to rebuilding your credit history for more information and handy tips.